https://www.taxtmi.com/caselaws?id=379521 A secured creditor who elects to realise security under SARFAESI may stand outside insolvency proceedings and enforce the secured asset independently. Section 48 of the Presidency-Towns Insolvency Act, read with Rules 9 to 11 of the Second Schedule, preserves the creditor's choice to realise the security, surrender it for the common benefit of creditors, or retain it and claim only for the balance; mere pendency of insolvency does not displace that election. The later and special SARFAESI framework authorises independent enforcement of the security interest, so no fetter could be imposed by requiring deposit of the title deeds with the Official Assignee. The direction to deposit the title deeds was therefore unsustainable. en-us Mon, 25 Feb 2019 00:00:00 +0530 Sat, 04 May 2019 06:04:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379521 A secured creditor who elects to realise security under SARFAESI may stand outside insolvency proceedings and enforce the secured asset independently. Section 48 of the Presidency-Towns Insolvency Act, read with Rules 9 to 11 of the Second Schedule, preserves the creditor's choice to realise the security, surrender it for the common benefit of creditors, or retain it and claim only for the balance; mere pendency of insolvency does not displace that election. The later and special SARFAESI framework authorises independent enforcement of the security interest, so no fetter could be imposed by requiring deposit of the title deeds with the Official Assignee. The direction to deposit the title deeds was therefore unsustainable. Case-Laws Indian Laws Mon, 25 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379521